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Recordkeeping Requirements and Tips

Most foundation files of any significance should be kept a minimum of 3 years. That can add up to a lot of paper! Here are filing and storage tips: Give some thought to and take time setting up your filing system. Ultimately, you’ll waste less time and save yourself a lot of space. A good... Read More

Evaluating Your CEO

At its core, CEO evaluation involves two basic steps: defining the CEO’s job responsibilities and checking back at a later point to determine if the responsibilities were met. Keep in mind: Although formal evaluation is an important component of a good working relationship, it is not a substitute for ongoing communication. CEOs need feedback year... Read More

Recordkeeping if Sunsetting Your Foundation

There is little legal advice specific to recordkeeping after a foundation closes. According to best practice, however, financial and tax records should be kept for a minimum of 7 years after their filing dates. Other business records, such as pension plans and D&O liability insurance contracts, should be kept for a minimum of 10 years.... Read More

Employment-Related Taxes

Here, step-by-step, is an overview of everything you need to know, file, and pay to get off to a good start with a new staff person. Classify Every person who receives compensation needs to be classified as an employee or a contractor. The Internal Revenue Service (IRS) has guidelines (in publication 15-A) to help you... Read More

Evaluating Foundation Staff

Regular performance evaluations—at least once a year—can help staff improve their work. The board evaluates the foundation’s lead staff person (i.e., executive director, foundation administrator, CEO). In turn, the lead staff person evaluates other staff members and consultants (as applicable). In some cases, staff members evaluate themselves and then compare their assessments with their supervisor.... Read More